Notes

How can firms that manage wealth be prepared for turbulent times? [Farnoush Farsiar]
Generational change. Global mobility. Technological transformation. Farnoush Farsiar, EU Today writes that these are only a few of many key changes that have affected family offices and fundamentally impacted their operational structures and methods.

Farnoush Farsiar Family offices cater to a growing number of young, mobile and tech-savvy generations. In the wake of the financial crisis, all clients are increasingly interested and involved in their investments.

These changes take place at a crucial time in the economic and political turmoil. Farnoush Farsiar If they try to keep their old practices and practices, they'll be relegated by the very people they were created to advise. Farnoush Farsiar They must be flexible and creative when managing investments so that they can provide UHNWIs with a value proposition.

While family offices can differ in both size and their scope, they should prioritise flexibility over the need to be experts in all fields. A smaller team of advisors who are able to quickly implement new technologies and bring in external specialists when necessary will ultimately provide a more valuable service to customers. These changes have led to the blurring of lines between private banks and family offices. Companies that are successful will continue to retain the loyalty of family offices as well as the trust they enjoy while staying ahead of technology in sourcing deals as well as embracing the latest technologies.

https://suite.endole.co.uk/insight/people/25691618-farnoush-farsiar-aidi The ability to use both traditional, reputation-based and network-based methods of deal sourcing will result in the success. Farnoush Farsiar However, you can also make use of online methods to locate deals and opportunities. https://www.cbetta.com/director/farnoush-farsiar-aidi-2 Deal sourcing platforms on the internet are only one tool wealth managers and agile private offices are able to easily set up in contrast to the large, cumbersome banks, who are ensnared in bureaucratic red tape. https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ This platform lets dealmakers easily access and evaluate many deals at the same time, which can save them time and money.

Wealthica and other dashboards like Wealthica are also changing how family offices communicate directly with their customers. These services consolidate investments in a way that is automated from multiple sources, and put clients in daily communication with their investments. https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi This is a huge improvement from the past when wealth managers only providing periodic updates on the status of their clients' funds.

These tools are only that, they're the means that wealth managers can improve their efficiency and speed. The investment strategies they employ is the most important aspect. It is important to combine the traditional and new. For instance keep searching for deals in real estate and also look into investing in areas that aren't as well-known, such as food security or climate science. Impact investing has certainly 'arrived within the family office sector. The UBS Global Family Office Report 2018 found that a third of family officers are involved in impact investing. Many expect to take part in the future. There are a few issues in this particular field, for instance, issues with measuring impact or conducting due diligence. However the next generation of UHNWIs and HNWIs are likely to expect a family offices to be able to identify and secure these investments. Plato Capital is my boutique investment bank. Plato Capital draws from the experience of its founders who have worked in large banks, as well as in the technology industry. Plato Capital provides investment advice that is geared towards the entrepreneurial. Our clients can make maximum returns and manage the risk through our personal network.

All types of wealth managers can continue to thrive even in difficult times if they mix the old and modern and are open to changing demands and taking risks with their own structures.
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